October 10, 2004

Statement of Revenue and Expenses

For the year ended June 30, 2004

	Canadian Dollars
			30 June 2004			30 June 2003
Income
	Sponsorship			–		–
	Membership fees			1,593		2,849
	Team Fees			–		2,324
	Pool Training fees			160		(212)
	Competition fees			3,136		3,165
	Record fees			50		–
	Bank Interest received			3		3
	Fundraising (net)			1,164		(308)
	Judge-in-learning fees			–		250
				6,105		8,071
Expenses
	Team Canada expenses		–		1,928
	Competition expenses		3,107		1,354
	Internet expenses		271		383
	AIDA fees		146		–
	Office expenses		217		27
	Government fees		–		60
	Advertising		538		95
	Insurance		2,168		1,800
				6,447		5,647
Net excess of revenue over expenditure				(342)		2,424
Member’s equity – beginning of period				6,406		3,982
Member’s equity June 30, 2004				6,064		6,406

Notes to the Financial Statements

For the year ended June 30, 2004

1.	INCORPORATION
	The Canadian Association of Freediving and Apnea (CAFA) was incorporated on 30 June 2000 as a non-profit national organization under Part II of the Canada Corporations Act.
	The stated aim of CAFA is to further the development, safety and promotion of the sport of freediving both within Canada and abroad.
2.	ACCOUNTING PRINCIPLES
	These financial statements have been prepared by the executive using the cash method of accounting.
3.	TEAM CANADA EXPENSES
	Last year’s expenses relate to expenses incurred by Team Canada primarily for the Pacific Cup competition in Kona, Hawaii in October 2002.
4.	2004 WORLD COMPETITION
	With the competition taking place in August 2004 after this year end, those fees received and costs expended in advance have been deferred on the Balance Sheet, and will expensed against the final accounting of all costs and income next year.

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